Press release
In-game and Loot Boxes Market Sales to Top US$ 32.7 Mn by 2031|Key Players- Entain PLC, The Flutter Entertainment PLC
In-game and Loot Boxes Market 2022
The global In-game and Loot Boxes Market is expected to grow at a CAGR of 5.6% throughout the forecast period. The valuation of the industry is projected to reach US$ 32.7 Mn by 2032, from US$ 18.9 Mn in 2022.
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The growing desire for high-end real-life sports gaming experiences around the globe is driving the demand for in-game and loot boxes. Furthermore, in the near future, new trends and advancements in the sports and gaming industries are projected to stimulate the rise of the in-game markets. However, payment data security concerns may stifle the in-game and loot boxes market share expansion.
The market is made up of firms (organizations, sole traders, and partnerships) that run facilities such as bingo halls, video gaming terminals, lotteries, and off-track sports betting that provide services and related items.
The major drivers encouraging in-game and loot boxes market size expansion include factors such as expanding digital transformation among businesses and rising internet and mobile device usage around the world.
The creation of the next-generation gaming experience will be cloud-enhanced, and an ultimate fantasy gaming experience is expected to necessitate the use of a cloud platform.
As per the in-game and loot boxes market study, the deployment of IoT, edge computing, 5G, and real-time analytics enabled by Artificial Intelligence (AI) and Machine Learning (ML) is expected to improve the in-game markets.
Consumers went more to the internet platform to bridge their financial, social, and psychological crises during lockdowns as a result of the COVID-19 pandemic, which had a beneficial impact on the in-game and loot boxes market.
Consumer interest in online platforms has increased as a result of restrictions in sporting events owing to lockdowns, according to a study done by Lund University in Sweden. In addition, numerous operators turned digital in response to the closing of many gaming venues. Many players increased their online services, and bingo providers transferred their operations online, resulting in a beneficial market impact.
Online betting is likely to be the fastest-growing market in the medium term. The market has been taken over by artificial intelligence and machine learning.
During the projection period, the online industry is expected to benefit from an increase in the female population in as well as the convenience of using a cashless means of payment when gaming. In addition, operators are providing a number of exciting tournaments and promos that newbies may find appealing. Every day, fresh bonus programmes and betting options are added to the mix.
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Key Takeaways
The changing gaming behaviours of consumers are projected to drive demand for . The rising popularity of applications and social gaming is projected to fuel the in-game and loot boxes market's growth in the future.
In 2020, Asia Pacific was the largest region in the worldwide market, accounting for 38% of the total. The second largest region, North America, accounted for 29% of the worldwide gaming market. In the worldwide gaming market, the Middle East was the tiniest region.
Football betting has a substantial market share.
Companies are concentrating their efforts on establishing novel platforms to meet a wide range of client needs and gain a competitive advantage in a crowded market.
The mobile segment of the in-game and loot boxes market is projected to grow at a CAGR of 4.8% during the forecast period.
Competitive Landscape
The worldwide market is highly fragmented, with regional and international companies. Bet365, Entain PLC, The Flutter Entertainment PLC, and Kindred Group PLC are among the market's major participants.
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To increase their presence in the worldwide in-game and loot boxes market and to develop their brand portfolio to cater to varied customer tastes, major firms are focusing on mergers and acquisitions, collaborations, and product innovation.
In the global online gaming market, mergers and acquisitions are the most popular approach, followed by expansion. Offerings, quality of material, user experience, brand equity, customized payoffs, and access to numerous platforms are all criteria that key players compete on.
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